Equipped with Huawei's tech, Bank of Communications wins The Asian Banker's Award
Source: PRNewswire/InfoQuest 26.8.2022
The Asian Banker, an authoritative global platform for insights about the finance industry, has unveiled the winner list for its 2022 Financial Technology Awards at Finance China 2022. Bank of Communications (BOC) won the Best Big Data Implementation award for its Lakehouse DaaS built using Huawei Cloud FusionInsight intelligent data lake.
BOC's business has grown rapidly over the past few years. The bank has expanded the number of business lines and has rendered its business processes more diversified, convenient, and intelligent. As a result, it's generating an unprecedented amount of data and using it for complex applications. To cope with all this data, BOC has built an intelligent data lake — Lakehouse DaaS — upon Huawei Cloud FusionInsight MRS cloud-native data lake and Huawei Cloud GaussDB(DWS) data warehouse.
Powered by the GaussDB(DWS) distributed data warehouse, BOC has enhanced its access to data, reducing the cost of using data while improving efficiency and quality. BOC has also built a high-quality and centralized dashboard for comprehensive data analysis, which supports the bank's operational decision-making and helps maximize the value of data.
The FusionInsight MRS real-time data lake has helped BOC develop new technical capabilities, such as real-time collection and computing, and batch-stream convergence. The bank has also deployed real-time collection, computing, analysis, and consumption data flows, supporting various real-time and quasi-real-time business scenarios.
Since launching the intelligent data lake, BOC has made big leaps in several fields.
- Marketing: Create user personas based on user transactions and interaction behaviors, improving the customer conversion rate by 164%.
- Risk control: Analyze user behavior features and identify fraud behaviors in real time, reducing the number of risky cases by 52%.
- Operations: Search and analyze banking data in real time and quickly make informed decisions.
- Customer relationship management: Establish a customer churn warning model to track customers who are about to churn and retain them.
BOC has worked with Huawei to reconstruct its big data platform. The bank aims to speed up services related to big data and provide timely input for marketing, risk control, supervision, and operations. It also looks to centralize monitoring, enable process-based management, and visualize its data assets for data governance. Ultimately, BOC wants to make sure that its data is working for its business, helping it become a fully digital bank.
To date, Huawei has served over 2000 financial customers from more than 60 countries and regions, including 49 of the world's top 100 banks. Huawei Cloud FusionInsight is often used in core data analysis platforms by banks, securities, insurance, and other types of financial customers. The solution helps them build a platform where data and AI converge.
Looking ahead, Huawei will continue offering customers high-value analytical capabilities to maximize the value of their data through FinTech innovation.
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